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Form a Business

Total debt owed to fund; limitation.

MCL 125.2013
in effect
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125.2013. Total debt owed to fund; limitation. Sec. 13. The total debt owed to the fund, excluding rights and royalties under a venture capital agreement or obligations to the fund resulting from an industrial development revenue bond or note, in relation to any 1 project shall at no time exceed 5% of the total assets of the fund, except that upon approval by a 2/3 vote of the board this amount may be increased to not to exceed 10% of the assets of the fund. This section does not apply to a program or activity authorized under chapter 8A. 1984, Act 270, Eff. Mar. 29, 1985; Am. 1987, Act 278, Imd. Eff. Jan. 6, 1988; Am. 2005, Act 225, Imd. Eff. Nov. 21, 2005 [PopularName] Strategic Fund
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-125-2013Fetched: 10/20/2026

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